The U.S. dollar traded higher against the most major currencies ahead of the release of the U.S. manufacturing purchasing managers' index (PMI) data. The U.S. preliminary manufacturing PMI is expected to decline to 52.3 in February from 52.4 in January.

The euro traded lower against the U.S. dollar after the release of the mostly weaker-than-expected manufacturing PMI data from the Eurozone. Markit Economics released its preliminary manufacturing PMI for the Eurozone on Monday. Eurozone's preliminary manufacturing PMI declined to 51.0 in February from 52.3 in January. Analysts had expected the index to fall to 52.0.

The decline was driven by a softer growth in new orders and exports.

Eurozone's preliminary services PMI fell to 53.0 in February from 53.6 in January. Analysts had expected the index to decrease to 53.4.

"Disappointing PMI survey data for February greatly increase the odds of more aggressive stimulus from the ECB in March. Not only did the survey indicate the weakest pace of economic growth for just over a year, but deflationary forces intensified", Markit's Chief Economist Chris Williamson said.

He noted that data was signalling the Eurozone's economy could expand 0.3% in the first quarter.

Germany's preliminary manufacturing PMI fell to 50.2 in February from 52.3 in January, missing forecasts of a decline to 52.0. It was the slowest reading since November 2014.

The fall in the manufacturing PMI was driven by a weaker increase in new export business, a drop in purchasing activity and input prices.

Germany's preliminary services PMI was up to 55.1 in February from 55.0 in January. Analysts had expected index to decrease to 54.7.

The decline of the services PMI was driven by a faster growth in new business.

France's preliminary manufacturing PMI rose to 50.3 in February from 50.0 in January, beating forecasts of a decline to 49.9.

France's preliminary services PMI fell to 49.8 in February from 50.6 in January. Analysts had expected the index to remain unchanged at 50.3.

The British pound traded lower against the U.S. dollar on concerns over the possible exit of Britain (Brexit) from the European Union (EU). Britain's Prime Minister David Cameron said on Saturday that the country's referendum on the EU membership will take place on June 23. Cameron secured a deal with the EU, which includes changes to migrant welfare payments, safeguards that Britain would not be a part of the Eurozone and safeguards for Britain's financial sector.

Some ministers support Brexit.

The CBI industrial order books balance slid to -17 in February from -15 in January.

The Swiss franc traded lower against the U.S. dollar. The Federal Statistical Office released its producer and import prices data on Monday. Switzerland's producer and import prices fell 0.4% in January, after a 0.4% decrease in December.

The decrease was mainly driven by lower prices for petroleum products.

On a yearly basis, producer and import prices plunged 5.3% in January, after a 5.5% drop in December.

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